The Dow Jones industrial average wavered between small gains and losses shortly after the opening bell, then moved lower at midmorning. Stocks have fallen steadily since voters returned President Barack Obama and a divided Congress to power.

The Dow has lost 5 percent since Election Day, Nov. 6.

Investors are worried that U.S. leaders may not reach a deal before tax increases and government spending cuts take effect Jan. 1. The impact would total $700 billion for 2013 and could send the country back into recession.

“It’s hard to see the market getting a whole ton of traction until that gets settled,” said Bill Stone, chief investment strategist at PNC Asset Management Group in Philadelphia.

President Obama is to meet with congressional leaders today to talk about the budget.